Home REIT PLC Property Sales (0844O)
September 29 2023 - 2:00AM
UK Regulatory
TIDMHOME
RNS Number : 0844O
Home REIT PLC
29 September 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
29 September 2023
Home REIT plc
("Home REIT" or the "Company")
Property Sales
The Company announces that at a series of public auctions held
over the last eight days, the Company has exchanged on the sale of
a further 137 properties, representing 5.6% of the Company's
portfolio by number, for GBP22,845,000 with completion expected in
approximately one month's time (the "Sale Properties"). The
majority of the assets by value were included in an auction which
took place on the 28 September 2023.
AEW, as Investment Manager to the Company, identified a
portfolio of properties that were in poor condition, largely vacant
and requiring significant capital expenditure in order to be
brought up to specification. Of the properties exchanged for sale,
100 properties were subject to leases with tenants in liquidation
which will be surrendered prior to completion. The proceeds from
the Sale Properties represented an average of 32% per cent of their
purchase price. Sale proceeds will be used to reduce borrowings and
provide working capital as part of AEW's strategy to stabilise the
property portfolio.
The person responsible for arranging the release of this
announcement on behalf of the Company is FTI Consulting.
FOR FURTHER INFORMATION, PLEASE CONTACT:
FTI Consulting (Communications HomeREIT@fticonsulting.com
Adviser) +44 (0)20 3727 1000
Dido Laurimore
Eve Kirmatzis
Ellie Perham-Marchant
Oliver Harrison
The Company's LEI is: 213800A53AOVH3FCGG44.
For more information, please visit the Company's website:
www.homereituk.com
Inside Information
The information contained within this announcement is deemed by
Home REIT to constitute inside information as stipulated under the
Market Abuse Regulation (EU) no. 596/2014 (as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act
2018). On the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
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END
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